Genesys Int'l stock surges 9% after inking pact with NNG for auto solutions

Genesys International’s stock zoomed up to 9.5 per cent at Rs 620 per share on the BSE in Thursday’s intraday trade. The stock price surged after the company said that it has inked a partnership with NNG, an automotive navigation and connected car technology solutions provider for auto and mobility solutions.

“Through this collaboration, the company aims to transform the Indian automotive industry by providing its clients with state-of-the-art AI-powered navigation and connected car solutions,” the company said in an exchange filing on Thursday. 

The company’s statement added the partnership between Genesys International and NNG will introduce Indian drivers to a unique connected car experience through a wide range of tailor-made solutions by integrating Genesys' elaborate mapping data with NNG's advanced AI-powered navigation systems.

Genesys International provides advanced mapping, survey, and geospatial services. 

Genesys International Corporation Ltd reported significant growth in its financial performance for the fourth quarter of 2023-2024. 

 In the fourth quarter of fiscal year 2023-24, the company's revenue surged by 49.14 per cent  year-on-year to Rs 71.63 crore. 

In terms of net profits, Genesys International saw a substantial rise of 590.7 per cent to Rs 14.85 crore compared to the same period last year. However, on a quarterly basis, there was a slight decrease of 6.37 per cent in net profits.

At 02:23 PM; the shares of the company were trading 5.08 per cent lower at Rs 595 per share on the BSE. By comparison the BSE Sensex was up by 0.42 per cent at 79,002 levels.

The stock has corrected 16.1 per cent from its 52-week high of Rs 739 touched on April 08, 2024. The share had hit a 52-week low of Rs 267 on August 16, 2023. The share price of the company is currently trading at a price to earnings valuation of 49.56 and an earnings per share of Rs 11.43.